Based on Fan’s work, the economic losses were higher than previously projected.

“There is an unmet need for greater investment in preparedness against major epidemics and pandemics,” the study said.

The principles of the study can also be applied to other catastrophic events such as a malaria outbreaks or nuclear attacks.

“Policymakers may be able to estimate the economic losses that come with rare but potentially devastating events,” Fan said. “We hope this can lead to more appropriate adjustments for national policies and investments, and international collaborations on pandemic preparedness.”

Fan’s outlook proves the world — not just Hawaii — is ill-prepared for disaster.

"Few doubt that major epidemics and pandemics will strike again and few would argue that the world is adequately prepared," the study added.